The single currency was trading unchanged on Tuesday and the EURUSD pair was hovering around 1.1930 during the London session.
Later in the day, the euro zone GDP is projected to stay at 2.5% year on year for the first quarter, with the quarterly change also forecast to not change and remain at 0.4%. Additionally, industrial production is seen accelerating in the previous month. However, German GDP deteriorated sharply in the first quarter and therefore the EU economic activity could slow notably as well.
The US session will bring retail sales and the empire state manufacturing index. The first mentioned will most likely tick higher, which could support the greenback broadly.
The pair tried to jump beyond the 1.20 level yesterday, but failed to do so and was sold off later in the day. The daily candle looks like a pin bar and therefore bears could be stronger in the near term.
The first support is located at 1.19 and if not held, the euro might decline toward the actual swing lows slightly above 1.18.
On the other hand, the resistance is at Monday’s highs near 1.20 and afterward 20 pips higher, where the 200 day moving average is located. In all cases we strongly recommend to have rigorous money and risk management.
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